TORONTO -

The spring rally on the Toronto stock market extended into May as a burst in energy and mining stocks sent the TSX sharply higher Friday.

New York markets racked up moderate gains following mixed economic releases.

Toronto's S&P/TSX composite index moved ahead 172.13 points to 9,496.96, extending an upturn that started March 10 and has sent the main index up 25 per cent.

But the rally is starting to look strained, with the main Canadian index down 52.52 points on the week -- breaking a seven-week winning streak.

"The TSX, having gone from 7,500 to 9,500, will probably have to see some kind of a bit of a pullback -- and we're also entering the summer doldrums," said Blair Falconer, portfolio manager at HSBC Securities Canada.

"So, my best guess is we're not going to continue to rise like we did in April (when the TSX gained seven per cent) but rather more sideways for the next little while."

The TSX Venture Exchange gained 1.19 points to 1,010.17 while the Canadian dollar rose 0.50 cent to 84.32 cents US.

On Wall Street, the Dow Jones industrial average closed 44.29 points higher to 8,212.41.

The Nasdaq composite index moved ahead 1.90 points to 1,719.2 and the S&P 500 edged up 4.71 to 877.52.

The U.S. Institute for Supply Management's April manufacturing index came in at 40.1, still indicating contraction in the factory sector but far higher than expected.

However, other data showed orders to U.S. factories fell a steeper-than-expected 0.9 per cent in March, while factory shipments dropped for a record eighth consecutive month.

The TSX energy sector gained four per cent as the ISM report helped send the June crude contract on the New York Mercantile Exchange up $2.08 to US$53.20 a barrel.

EnCana Corp. (TSX:ECA) added $2.32 to $57.01 and Suncor Inc. (TSX:SU) gained $2.34 to $32.37.

The Toronto base-metal sector ran ahead almost eight per cent as Teck Resources (TSX:TCK.B) gained $1.46 or 11.6 per cent to $13.99 and FNX Mining (TSX:FNX) ran up $1.04 or 19.7 per cent to $6.32.

Elsewhere on the TSX, beverage maker Cott Corp. (TSX:BCB) popped up $1.70 or 71 per cent to $4.10 after it broke a series of quarterly losses. Cott earned US$19.9 million in the first quarter as cost-cutting and refocusing overcame flat revenue.

Cameco Corp. (TSX:CCO), the world's biggest uranium miner, said its first-quarter net profit fell to $82 million from $133 million. Cameco, which also has interests in nuclear power and gold, said revenue rose to $615 million from $593 million. Its shares advanced $1.75 to $29.15.

TransCanada Corp. (TSX:TRP) delivered first-quarter earnings of $334 million, down from $449 million in the first three months of last year. Excluding one-time items, TransCanada said its profit rose to $343 million from $326 million. Its shares climbed 47 cents to $30.25.

The financial sector was flat after the U.S. Federal Reserve said it will release stress test results for the 19 largest U.S. banks on Thursday, three days later than originally scheduled because of disagreements between the banks and regulators.

It was encouraging that the stock market took the postponement in stride, said Sean Simko, head of fixed income management at SEI Investments in Philadelphia.

"Investors easily could have assumed the worst with the delays," he said. "It's a positive that they're waiting for the results and not trying to anticipate what is going to be revealed."

Shares in Shaw Communications (TSX:SJR.B), Canada's second-biggest cable TV operator, were off two cents to $18.48 after CTVglobemedia accepted its offer to buy three money-losing TV stations for $1 each.

Domtar Corp. (TSX:UFS) added a penny to $2.16 after a drop in pulp prices led to a loss of US$45 million in the first quarter. Sales fell to $1.3 billion from $1.7 billion.

The New York market mulled over earnings from MasterCard, which at US$367.3 million were above Wall Street expectations. But first-quarter revenue fell short of expectations and the company warned that its top line will continue to come under pressure and MasterCard shares lost $10.55 to US$172.90.

American automakers reported another month of sliding sales. Ford Motor Co. said its American sales dropped 32 per cent from a year ago, though its Canadian unit limited its decline to 10.5 per cent. General Motors Corp. reported a 33 per cent skid in U.S. light vehicle deliveries, along with a 24 per cent decline in Canada. Ford shares lost 29 cents to US$5.69 while GM shed 11 cents to $1.81.

Chevron Corp., the second-largest U.S. oil company, said its first-quarter profit fell 64 per cent to US$1.84 billion on lower oil and natural gas prices. Its shares were up 77 cents to US$66.87.